The gold prices continued retreated from the 2 week high

12 September, 2016

The gold prices continued retreated from the 2 week high. However its decrease is expected to be limited due the dollar weakness across the board.

Current situation

The technical picture presents a slightly bearish tone. The price is consolidating at 1336 after a sharp decrease. The 50-EMA is crossing the 100 and 200 EMAs upwards in the 4 hours chart. The moving averages are moving upwards. The resistance is at 1350, the support comes in at 1330 per ounce.

The MACD histogram decreased which indicates the buyers’ weakness. RSI left the overbought area and is approaching the oversold one.

Trading recommendations

Sellers’ first target is the level 1330 per ounce. After breaking the level they will push the price to 1320. In the scenario where buyers are back the gold quotes will grow towards 1350.


Source link  
Yellow metal returned to a growth

Buyers failed to reclaim 1260 and stepped back in the night. The price slightly eased and corrected to 1253...

Undertone for Gold was clearly positive

The undertone for Gold was clearly positive on Thursday. The spot was growing the first part...

Gold maintained its bid tone

Buyers defended the 1230 level on Friday. Fresh bids around the level coupled with broad base...


Gold failed to sustain recovery

The pair pulled back in the Asian night and reached 1260 in the mid-Asian session. The level limited sellers' advance..

Gold remained well offered

The XAUUSD pair came under intense selling pressure on Thursday. The spot pushed away...

Brent oil prices maintained their negative bias

Sellers broke 55.50 and remained within the level in the night...


Brent oil prices remained in an upward channel

However, the benchmark softened to its lower band...

Brent oil prices gapped higher

A strong energy demand in the Asian region supported oil prices despite a rebound in Libyan oil production which still weigh...

Gold prices weakened

The undertone for Gold was clearly positive. However, buyers failed to retake 1260 on Monday. The level rejected the price downwards...

  


Share: